“Foreign investment neither sells the country nor is it a return to the past, as some have judged,” said Rodrigo Malmierca, Minister of Foreign Trade. “Rather it is a way of strengthening it economically which, when subject to the conditions established by the law, does not threaten the socialist system.”

The foreign investment reforms come after the United States issued new regulations earlier this year on travel, telecommunications, internet-based services, business operations, banking and remittances. The measures also allow U.S. companies to establish a presence in Cuba.

The two countries announced last year that they would restore diplomatic relations, and reopened their embassies in Havana and Washington in July.

Among other key aspects covered during the legislative debates, include measures to continue improving public service mechanisms and battling corruption.

In line with the objectives set at the Paris Climate Change Summit, Cuba also announced it is working on a series of scientific projects to reduce food imports and guarantee its access to the wider population.